Insurtech company CoverForce raises $13m in Series A financing 

Insurtech platform CoverForce has secured $13m in a Series A financing round led by Insight Partners. 

Nyca Partners also contributed to the fundraise.  

Insight Partners vice-president Sophie Beshar will now become a member of the CoverForce board.  

Using the capital, CoverForce will expand its platform capabilities, onboard more carriers and distributors, and invest in AI-powered tools to simplify insurance workflows. 

The funding also supports the company’s aim to enhance its quote-and-bind application programming interface (API) connections to facilitate digital connections between insurance carriers, agencies and wholesalers. 

The company is currently working on developing ties with carriers that focus on digital innovation. 

CoverForce CEO and co-founder Cyrus Karai stated: “We are thrilled to have Insight Partners on board with our Series A. This funding will help us expand our engineering capabilities and build deeper relationships in the market. In particular, we are seeking to partner with carriers who are empowering their agents with cutting-edge, digital tools – essentially those who are making an investment in speed as a key element of winning.” 

CoverForce CTO and co-founder Kaivan Wadia said: “The insurance market is built on a legacy of paper and PDF – a huge issue in a market worth more than $960bn. CoverForce delivers a unified API infrastructure that decreases the time to integrate from months to weeks, saving our partners millions of dollars in R&D [research and development] costs.” 

Co-founded by Cyrus Karai, Behram Dinshaw and Kaivan Wadia, CoverForce aims to “modernise” the commercial insurance industry.  

It addresses the inefficiencies of legacy systems by building a unified API platform that allows customers to quote, pay, bind and issue policies.  

The platform integrates with national carriers and covers commercial lines of business including workers’ compensation, general liability, business owner’s policies and cyber. 

CoverForce has already partnered with more than 20 insurance agency wholesalers and networks in America, supporting more than 9,600 producers across the country.

In June last year, Brooks Insurance partnered with CoverForce to support the launch of its Quote & Bind platform.